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Global economic outlook improving, says OECD

ended 07. June 2023

The global economic outlook is improving, the OECD announced this morning, albeit to a low growth recovery. It expects UK GDP to edge up by 0.3% in 2023 before improving to 1% growth in 2024. If you have any thoughts on this, please send them across ASAP as this story is BREAKING. The full report can be read >> here <<.

3 responses from the Newspage community

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John Lamerton
Small Business Author at Big Ideas... for Small Businesses
The OECD's outlook for the UK economy may now be slightly improved, but try telling that to small business owners. Companies up and down the country were decimated by Covid lockdowns, long before inflation eroded their already thin margins, and are now experiencing an unprecedented cost-of-living crisis that is causing their customers to all "tighten their belts" at the same time. If they're lucky enough to make any profit, businesses are being taxed at a higher rate than ever before. The economic outlook may well be improving for economists looking at a spreadsheet, but for small business owners in the real world, the forecast is still very unsettled with a strong chance of storm clouds.
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Craig Fish
Director at Lodestone Mortgages
An interesting read, and one that feels fairly accurate, despite not liking some of the messages within it. In particular, the comments from the Chancellor suggesting that they are backing the BOE decisions to continue with the rate increases, even if it will push the UK into recession. I for one, think the increases need to stop. Inflation is dropping, albeit slower than expected/ wanted, but this isn't because of the decisions made by the MPC, it's because of factors way beyond their control, but no doubt when the inflation target is reached, they will claim the credit for it!
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Gary Bush
Financial Adviser at MortgageShop.com
To us, the UK looks in good shape, when speaking to owners of businesses that we work for it's hard to find one with a negative outlook on order books/work being undertaken. Speaking personally we see 2023 being a busy year, troublesome with the way UK lenders are behaving with interest rate removals, but very promising.